TIMELINE-The turbulent journey of India's Jet Airways

Nov 26 (Reuters) - Jet Airways Ltd, the biggest full-service carrier in India, has been under dark clouds for the past few months.

While intense pricing competition, weak rupee and rising fuel costs have hurt Indian airlines like IndiGo owned by InterGlobe Aviation Ltd and SpiceJet Ltd, Jet Airways is in a league of its own.

Saddled with a debt of about 80.52 billion rupees ($1.14 billion) as of Sept. 30, Jet is desperately searching for a deal that could help mitigate its severe liquidity crunch. The airline has a market capitalisation of 35.03 billion rupees as of last close.

The Tata conglomerate is now likely to be the potential white knight for the debt-laden company, but no proposal has been made yet. Here’s how the story unfolded:

May 3 – Jet shares fall 12.3 percent after InterGlobe Aviation reported a slump in net profit for March-quarter a day earlier

May 23 - Jet posts first quarterly loss in at least 12 quarters, says it has a negative net worth that ‘may create uncertainties’

Aug 1 – Media report says Jet asked employees to take an up to 25 percent cut in salaries as a part of a cost cutting measure

• Jet executive says company is in talks with multiple parties for a stake sale in its loyalty program, and equity infusion in the airline

Nov 15 – Shares surge nearly 25 percent following reports that the debt-laden airline was nearing a rescue deal with Tata Sons; another report says the Indian government asked Tata to explore buying Jet

Nov 16 – Tata Sons says discussions on Jet is preliminary and no proposal has been made